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Authoritative professional standards ― VS

section 100 (continued)

Overall engagement considerations

• Professional competence (ET sec. 1300.001 and 2.300.001)

• Specialized knowledge and skill required

– The member must consider the following, at a minimum:
– Subject entity and its industry

– Subject interest
– Valuation date

– Scope and purpose of the valuation engagement
– Assumptions and limiting conditions

– Applicable standard of value (for example, fair market value)
– Premise of value (for example, going concern)

– Type of valuation report, intended use, and restrictions
– Government regulations or other professional standards that apply
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